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2011 IRS Mileage Allowance - January 1 to June 30

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2011 IRS MileageTax Deduction ( until the end of June)

Beginning on Jan. 1, 2011, the standard mileage rates for the use of a car (also vans, pickups or panel trucks)
Until the end of June 2011.

July 1 - December 31, 2011 mileage deduction allowance.

For the first half of this year 2011 the tax deduction rate is higher than 2010!
January 1 until June 30 is only a bit higher but as you can see after June 30 and until December 31 it changes again.. Read about the second half of 2011 changes.

You must keep mileage records for the IRS tax prep and differentiate between your business, personal, charity and moving miles.

You may take either a business vehicle tax deduction with receipts for all expenses or mileage deduction.


For the first half of 2011 business miles driven the rate is up to $0.51 per mile
(51 cents per mile)

This is up from $0.50 in 2010

All of 2011 charity miles driven are at $0.14 per mile, same as 2009 and 2010.

For the first half of 2011 moving and medical miles driven are $0.19 up from the 2010 rate of $0.16.5 per mile.

The charity, medical and moving mileage deductions are not as much of an advantage but if the mileage method pays off best then of course do take them if you can.



Let's focus on IRS business mileage allowance here a bit.

If you have a business that logs a lot of highway miles, taking the deduction per mile still might well be a better method.

Keep a log book to track the odometer readings each day.
I was told how mileage was re-created for one day when someone forgot to log the difference between personal miles and business.

They went to this website that offers online maps and driving directions and mapped out the trip.
I can't say if it is the proper way myself so it's up to you to make that decision..

I do all of the preliminary record keeping work and trust my accountant for the details. You can get software programs that are very helpful for tax prep and a lot of folks use them.

Some people feel that they don't need an accountant because the electronic filing and tax prep software is so easy to use. It's definitely worth the effort to at least learn about the ease of use of the software and decide whether you want to save the cost of the accountant.

  You also have the option of deducting using the percentage method whereby
you have to save all receipts for parking fees, gas, registration, repairs etc.
If you had a catastrophic year, repair wise, or had to park in a pay garage everyday that might warrant keeping all records and possibly using the  percentage method.

   For medical and moving expense the IRS is allowing a $0.19 mileage deduction for the first 6 months of 2011.. For some it is negligible. There are people have to travel for dialysis or chemotherapy on a regular basis. It might be vital that they save the money using the deduction.

The charity deduction @ $0.14 could be an issue if you did it on a regular basis but again you have to check the numbers. The above info can be a make it or break it situation.

For those who are self-employed and just starting out in business for yourself you should think about this right away so that your records will be accurate.
The mileage deduction amounts change every year so be sure to come to visit this site before you start every new year just to know where you will stand deduction wise.

Read about the second half of 2011 and the rate increase! It starts July1, 2011 and ends December31, 2011


Good Luck!
lf you have the patience for more detailed tax information go to www.irs.gov


Copyright © Roger Chartier 2010, 2011

Notes: This is often referred to as the federal mileage rate., and answers questions about federal mileage reimbursement. Federal mileage allowance is the topic. Someone spelled it milage. You ask, what is the federal irs mileage rate standard or IRS mileage rate reimbursement? Read the above. You do have to keep an irs mileage log.

 
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